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Wednesday, 30 September 2020 18:45

BMW Agrees to $18M Fine for Inflating U.S. Sales Results

Written by Michael Strong, The Detroit Bureau

Index

The SEC probe started in late 2019, BMW said in a statement, also noting there is “no allegation or finding in the Order that any BMW entity engaged in intentional misconduct.” The automaker added it “attaches great importance to the correctness of its sales figures and will continue to focus on thorough and consistent sales reporting.”

 

In addition to the “bank,” the agency noted BMW paid dealers to participate in the scheme, naming some vehicles as loaner vehicles so the company could count them as “sold” vehicles.

 

“BMW misled investors about its U.S. retail sales performance and customer demand for BMW vehicles in the U.S. market while raising capital in the U.S.,” said Stephanie Avakian, the SEC director of the division of enforcement.

 

We thank The Detroit Bureau for reprint permission.


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